I don't have a strong opinion on gold; however, there is potential for a change of trend (top) on 4/12/10 +/- a trading day or two. Also, as shown on the chart, the current pattern looks very similar to the 2008 topping pattern. It seems sentiment is getting heated up in gold, so it may be setting up for a rug pull after the CIT window.
So far, the Canadian Dollar appears to be running into resistance per the analysis posted 4/5/10 http://markettime-patterns.blogspot.com/2010/04/canadian-dollar-long-term-channel.html. If so, this may be supportive to the notion of a top in gold in the next few days.
Obviously, a break above the 1225 highs in gold would invalidate the fractal noted on the chart and would likely indicate a larger up move was underway. We'll see.
Kim Rice 4/7/10
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